Back in the 1980s Paul Halstead tried to enter the automotive market with an Alfa Romeo-based supercar named the HAL Giocattolo. Unfortunately things didn’t go as well as he planned and this attempt left him broke. Now, after more than 30 years Halstead is ready for another attempt and he plans to unveil a new supercar.

According to the first details we have the new supercar will be unveiled in the next three years and will feature a very aggressive and modern design language. The model will also be similar to the McLaren F1: its cockpit will feature a three staggered seats, with the driver placed in a central position.

Under the hood, the new supercar will get a 16-cylinder engine, which will include two Chevrolet V8 engines bolted together side-by-side on 45 degree angles. This system is rumored to deliver an output of about 1,200 horsepower, putting it right next to the Bugatti Veyron. Unlike the Veyron, however, the new Aussie supercar will only be capable to hit a top speed of 198 mph.

The engine will be mated to a six-speed sequential gearbox, which already required an $100,000 investment.

Most likely, the new model will be a one-off edition, but Halstead also wants it to be production ready, even if he plans to spend only $1 million to build his dream. Additionally, Halstead has mentioned that his new creation may carry the same HAL Giocattolo name as his first creation.

Click past the jump to read more about the first supercar developed by Halstead: the HAL Giocattolo.